MFS launches platform business for advisers

Its services include research, asset allocation, plan writing, investment processing, investment reporting, and compliance guidance.

The services and skills to run miCentre come from the Northplan business, now called Vestar.

MiCentre is being run by former Northplan manager Stephen Hill, however it is separate to Vestar.

Hill, who is now MFS’s chief operating officer, says miCentre is not being used by Vestar or MFS as a tool to acquire more advisory firms.

He says if a firm wants to join the growing Vestar network then it should approach Vestar.

Hill says the service is “unique” as there are no requirements on firms using the service to put a minimum percentage with specified providers.

On that basis he doesn’t see it as having a direct competitor in the market place.

“MiCentre gives smaller planning firms the opportunity to align themselves with the resources of a larger provider while maintaining independent business operating models,” MFS New Zealand chief executive Jason Maywald says.

“MiCentre will provide independent financial planners and advisers with innovative and cost-effective management of all aspects of their mid and back office.

“The creation of miCentre is another step in MFS New Zealand's evolution as a significant New Zealand financial services provider, with businesses operating in the funds management, financial advisory, investment banking and property structured finance sectors.

The service was launched this week and is yet to sign up its first firm.